Bitcoin Magazine

28 Nov 2023 11:07

💰 Bitcoin spot ETF anticipation fuels largest crypto fund inflows for two years: CoinShares

Crypto fund inflows at asset managers such as 21Shares, CoinShares, Bitwise, Grayscale and ProShares added $346 million last week, the largest jump since the bull market of late 2021, according to CoinShares’ latest report. Last week's addition nearly doubled the $176 million registered in the prior week, compounding a nine-week consecutive run and bringing year-to-date inflows to over $1.5 billion. The surge was fueled by anticipation of a U.S.-based spot bitcoin ETF, CoinShares.

Bitcoin investment products accounted for $312 million of the total inflows last week, while short-sellers "continue to capitulate," Butterfill added, with short bitcoin funds seeing a third week of outflows totaling just under $1 million and AUM falling over 60% since a peak in April. ETPs now account for 18% of total spot bitcoin trading volume, well above average, highlighting their growing popularity among investors seeking exposure to digital assets, Butterfill noted. Ether investment products added $34 million last week to a run totaling over $100 million. The four-week inflow streak has almost fully corrected outflows for the year, marking a decisive turn-around in sentiment, Butterfill said.

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Bitcoin Magazine

25 Nov 2023 21:59

💰 Bitcoin's Hashrate War Between Antpool and Foundry Intensifies as BTC ETF Nears

Bitcoin miners Antpool and Foundry dominate Bitcoin mining hashrate. Between them, the two own a total of 53.4% of the world's hashing power. In the past few weeks, Antpool has been pulling ahead of its biggest competitor, adding significant power to its hashing capabilities. "China is aggressively mining ahead of the approval of a Bitcoin ETF", Bradley Park, a Web3 analyst at CryptoQuant, wrote to CoinDesk in a note.

"As the Bitcoin halving nears, I anticipate a competitive surge between China and the US in mining machine productivity," he continued. "This is because the unit cost of mining Bitcoin is likely to escalate due to increasing power expenses and rising mining difficulty." The Bitcoin halving, a significant event in the cryptocurrency's timeline that occurs roughly every four years, reduces the block rewards for miners by 50%. While many argue that the halving is bullish for bitcoin's price, some also say a significant bull run is more likely to depend on major central banks increasing their M2 money supply growth rates, as past trends have shown a correlation between these rates and the price.

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Bitcoin Magazine

23 Nov 2023 14:11

💰 Simplified bitcoin exposure via spot ETFs will help reduce traditional portfolio risk: analysts

Approval of bitcoin spot ETFs in the United States would simplify access to bitcoin exposure, helping to reduce traditional 60/40 portfolio risk by diversifying into the digital asset, according to the latest K33 Research report. “We expect diversification and risk-adjusted outperformance to be key go-to-market strategies from the various ETF providers,” Senior Analyst Vetle Lunde and Vice President Anders Helseth said.

Since 2020, bitcoin has proven its worth as a powerful tool for portfolio diversification, the analysts argued. An investor with 1% exposure to bitcoin in a traditional 60/40 portfolio would have outperformed a portfolio without bitcoin exposure by 3.16%. The traditional 60/40 portfolio is a classic investment strategy that involves allocating 60% to stocks and 40% to bonds. Despite a muting of the bitcoin diversification narrative during 2022's crypto market turmoil, bitcoin exposure this year would have improved risk-adjusted returns in a traditional portfolio due to softening correlations and solid upside, the analysts added.

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Bitcoin Magazine

21 Nov 2023 13:20

💰 Bitcoin nears all-time high in Argentina after Javier Milei wins presidential election

The price of bitcoin in Argentina is reapproaching all-time highs after pro-bitcoin libertarian Javier Milei’s victory in the country’s presidential election last night. Bitcoin jumped 2% from around 13 million to 13.2 million Argentine pesos following the announcement before consolidating. It is currently trading at 13.17 million Argentine pesos, according to CoinGecko data. The price rise did not quite take bitcoin to new all-time highs in the country — 13.37 million Argentine pesos.

Bitcoin is also up 1.5% over the last 24 hours in U.S. dollar terms, currently trading at $37,215, according to The Block’s price data. When asked about the potential for bitcoin as a monetary alternative in an interview with the Argentine newspaper Clarín last year, “The first thing we have to understand is that the central bank is a scam. It is a mechanism by which politicians cheat good people with an inflationary tax,” Milei said. “What bitcoin is representing is the return of money to its original creator — the private sector,” he continued. “Bitcoin has an algorithm that one day it will reach a certain amount and there is no more and it can compete with other currencies, but the problem is that governments will not give up the legal tender.

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Bitcoin Magazine

19 Nov 2023 15:46

💰 Bitcoin options open interest reaches all-time high of $15 billion on Deribit

In the last 24 hours, open interest for bitcoin options on the Deribit crypto options and futures exchange reached an all-time high, surpassing $15 billion. "Total open interest in bitcoin options surpassed that of BTC futures for the first time. This shift signifies the market's maturation and growing sophistication," noted Deribit Chief Commercial Officer Luuk Strijers. He added that on Deribit, which holds an 85% market share in bitcoin options, "there is currently a record-breaking $15 billion in notional open interest in BTC options."

Strijers added that the increase in open interest to a new all-time high is evidence of the cryptocurrency market's evolving complexity. "This development underscores the increasing preference for options as a strategic tool among traders, whether for positioning, hedging, or leveraging the recent surge in implied volatility. It's clear evidence of the market's evolving complexity," he said. An increase in open interest signals a highly liquid market with many participants. Open interest refers to the total number of outstanding options contracts that have not been exercised. When there is an increase in open interest, it suggests an increase in sophisticated trader activity, with new contracts being created and added to the existing ones.

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Bitcoin Magazine

17 Nov 2023 11:39

🇺🇸 SEC delays decision over the conversion of the Hashdex Bitcoin futures ETF to spot

The Securities and Exchange Commission has decided it needs more time before deciding on whether or not to allow a Bitcoin futures ETF and an Ethereum futures ETFs to convert to spot ETFs, the agency declared Wednesday in separate filings. In response to the September filing for the Hashdex Bitcoin futures ETF application, which proposed converting its exchange-traded fund listed on the New York Stock Exchange into a spot product.

"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein," the SEC said in its statement. Hashdex’s bid to convert an existing Bitcoin ETF into a spot vehicle is unique because the fund manager proposes holding a mix of “Bitcoin Futures Contracts, Spot Bitcoin, and cash” in order to avoid risks of market manipulation. Other major organizations like Fidelity and BlackRock are seeking the approval needed to launch spot Bitcoin ETFs of their own. The promise of spot Bitcoin ETFs gaining approval have helped buoy a rebounding crypto market.

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Bitcoin Magazine

15 Nov 2023 13:54

💰 Bitcoin Hits 40 Million Inscriptions Milestone and Second-Highest Day of Confirmed Transactions

After a period of quiet since mid-September, Ordinal inscriptions have seen a significant revival. On Sunday, November 12, 2023, the Bitcoin network witnessed a historic 505,345 inscriptions being minted — the largest number in a single day since the inception of Ordinals in December 2022. This spike in inscriptions correspondingly elevated Bitcoin’s daily transaction rate to 703,327 confirmed transactions over a 24-hour period. This processed volume is only surpassed by the record set on September 15, 2023.

The inscription record coupled with the 703,327 rate on Sunday indicates that inscriptions accounted for 71.85% of yesterday’s block space. Transaction fees for high-priority actions have fallen to $4.28 each as of Monday, November 13, 2023, yet the mempool remains congested with over 200,000 unconfirmed transactions. Ordinal inscriptions continued to hit new benchmarks, vaulting past the 40 million mark. Miners have reaped the benefits, collecting 2,438 BTC, which translates to upwards of $90 million, for their role in confirming inscriptions. In the last month, the tradable inscription token, the BRC20-based ORDI coin, has soared by 545% against the U.S. dollar. The surge places ORDI’s market value at $434 million, ranking it 112th among the 10,900 cryptocurrencies in circulation.

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Bitcoin Magazine

13 Nov 2023 22:56

💰 Arthur Hayes Insists Bitcoin Has 'Proven to Outperform Bonds During Times of War'

On Thursday, Arthur Hayes explained the precarious balance the Treasury’s Janet Yellen must strike in managing U.S. fiscal health amid rising government deficits. Hayes describes Yellen’s strategic options, including liquidity injections and manipulating Federal Reserve rate expectations, to manage economic growth and government funding. “Inject liquidity into the system so that stocks rise. When stocks pump, capital gains taxes rise, which helps pay some bills,” Hayes detailed in his latest missive called “Bad Gurl.”

Hayes speaks to the rising yields on long-term U.S. debt and the market’s negative response to Treasury strategies. He presents the “bear steepener” scenario as a challenge to financial stability, explaining, “Yields on long-end treasury debt are rising faster than short-end yields,” which could undermine banking solvency. Hayes’ previous work, “The Periphery,” delves into why this steepening is particularly toxic for the banking system. In his analysis, Hayes points out the global reverberations of U.S. monetary policy, suggesting that other central banks will engage in similar quantitative easing tactics. “All other major central banks … will also print money,” he asserts, viewing it as an inevitable response to the Fed’s easing, creating a global ripple of fiscal expansion that may redefine the international monetary balance.

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Bitcoin Magazine

12 Nov 2023 18:53

💰 Spot bitcoin ETF fever has analysts guessing about the SEC's decision timeline

Bitcoin has been rallying amid ongoing excitement that the Securities and Exchange Commission may be getting closer to a decision that could greenlight a spot ETF, rising almost 40% over the past month. The approval process is complex, however, and most analysts can only guess as to just how close the industry might be to getting an answer from the regulator. "The SEC will not want to act as kingmaker given the scrutiny it will attract, and this will take a little more time," Tim Bevan, CEO of ETC Group.

Despite fresh speculation that the SEC is due to soon say something about applications from asset managers inducing BlackRock and Fidelity because of a rebuttal period that ended this week after they were most recently delayed in September, the regulator had already pushed back its decision timeline on the proposed ARK 21Shares Bitcoin ETF until at least Jan. 10. Amid a wave of filings for funds earlier in the year, optimism that approval could be getting closer grew after judges ruled in August that the SEC had to re-review a bid for a spot bitcoin ETF from Grayscale Investments after the asset management firm sued the agency last year following the rejection of its plan for the conversion of its flagship GBTC fund.

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Bitcoin Magazine

10 Nov 2023 17:04

💰 Galaxy Digital Quarterly Loss Now Increasing Due To Bitcoin ETF Expectations

According to Bloomberg, Galaxy Digital Holdings Ltd., the cryptocurrency financial services firm led by Michael Novogratz, reported a widening loss in the third quarter, attributed to a decline in token prices and increased market volatility. Galaxy Digital quarterly loss amounted to $94 million in Q3, compared to $68 million in the same period last year, and a loss of $46 million in the previous quarter. Although consensus estimates anticipate savings of $44 million, the company faces challenges.

Despite a 70% increase in trading volume, Galaxy Digital quarterly loss reached $6 million in trading revenue, totaling $14 million. However, the firm noted a significant improvement in its financial position following the quarter’s end. In October, Galaxy reported $124 million in income before tax and $24 million in trading revenue, mainly due to the surge in digital asset prices, including Bitcoin, which had risen nearly 30% that month. Despite challenges, Galaxy Digital Holdings remains on a positive trajectory, with its shares surging by 97% over the year. Michael Novogratz expressed optimism, expecting that the US Securities and Exchange Commission will approve an exchange-traded fund directly invested in Bitcoin by the end of 2023. This optimism follows Galaxy’s partnership with Invesco in plans to launch such a product.

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Bitcoin Magazine

09 Nov 2023 14:13

💰 Bitcoin long-term holder supply is at an all-time high

The circulating supply of bitcoin is historically tight, with coins held by long-term investors at an all-time high, according to Glassnode data. The data found that existing bitcoin investors are becoming increasingly unwilling to part with their holdings, with analysts at Glassnode observing "impressive rates of accumulation taking place.". "The bitcoin supply is quite tight with several measures of supply such as illiquid supply, coins HODLed, and long-term holder supply at historical highs," Glassnode analysts said in a note shared with The Block.

The data revealed that 68% of the circulating supply of bitcoin has been held untouched for over one year. The bitcoin metric for coins held for over five years now sits at almost 30% of the total circulating amount. The Glassnode report described that this increase in illiquid supply has moved in tandem with investors withdrawing their digital assets from exchanges. "The data suggests investors are continuing to withdraw their coins into custody, with over 1.7 million bitcoin doing so since May 2021," Glassnode analysts said. "The illiquid supply metric, which measures the amount of supply held in wallets with minimal history of spending is also at an all-time high of 15.4 million bitcoin," Glassnode analysts added.

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Bitcoin Magazine

06 Nov 2023 17:31

💰 Block’s Q3 Earnings Show $2.42 Billion Bitcoin Revenue, Marking 37% Annual Growth

Jack Dorsey’s Block, Inc. published a shareholders’ letter disclosing the firm’s Q3 earnings. The letter reveals that the Block has advanced its investment blueprint, noting an uptick in third-quarter profitability. The Block has revised its full-year 2023 forecasts upward for both Adjusted Operating Income and Adjusted EBITDA. The Block has also shared that Cash App Pay transactions have risen in recent months. By September, the service recorded over two million monthly active users, a figure that has doubled since June.

Likewise, Bitcoin’s gross profit ascended to $45 million, marking a 22% year-over-year gain. The company is initiating a first-time authorization to buy back $1 billion of its shares, countering some dilutive effects of share-based compensation. The Block’s Q3 earnings follow Coinbase’s third-quarter financial disclosures which show the firm also prospered with net profit. Microstrategy also unveiled its Q3 earnings, revealing additional bitcoin purchases made in October. The Block’s shareholder letter further mentions a cap of staff members as the firm will not hire any more than 12,000 employees. The Block will not hire any more staff members until they feel the business has “meaningfully outpaced the growth of the company.”

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Bitcoin Magazine

03 Nov 2023 17:34

💰 Bitcoin is 'exponential gold,' says Fidelity executive

While Bitcoin is often compared to gold, its value can increase more rapidly than that of gold, according to a Fidelity Investments executive. "In my view, bitcoin is a commodity currency that aspires to be a store of value and a hedge against monetary debasement. I think of it as exponential gold," Jurrien Timmer, director of global macro at Fidelity Investments, said on Wednesday, as bitcoin's price has been trending upward this year.

Timmer believes that bitcoin has the potential to perform at least as well as gold has in the past under certain economic conditions including periods of high inflation, negative real interest rates and excessive money supply growth, with notable examples occurring in the 1970s and the 2000s. Timmer, who has been with Fidelity for nearly 29 years, delved into the world of bitcoin in late 2020. In 2021, he stated his expectation that bitcoin would gradually gain more market share from gold and predicted that bitcoin's price would reach $100,000 by 2023. The current price of bitcoin is around $34,920. Last year, Timmer said he remains bullish on the world's first and largest cryptocurrency.

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Bitcoin Magazine

31 Oct 2023 11:36

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Bitcoin Magazine

30 Oct 2023 08:04

💰 First Bitcoin ETF trades $1.5B as GBTC ‘discount’ echoes $69K BTC price

Bitcoin institutional investment vehicles are seeing a major volume boost as excitement over possible United States regulatory changes takes hold. Data from resources, including Bloomberg, showed Bitcoin exchange-traded funds (ETFs) and others nearing record weekly inflows. Hints that the U.S. might soon allow a Bitcoin spot price-based ETF have not only impacted BTC price action — the surrounding ecosystem has benefitted in kind.

In addition to exchanges and mining firms, embattled institutional investment options are also seeing a resurgence in demand. As noted by Bloomberg senior ETF analyst Eric Balchunas, at least two household names saw “notable” volume in the trading week through Oct. 27. Among them was the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light in the U.S. in 2021. He noted that the stalwart Grayscale Bitcoin Trust (GBTC) fetched $800 million in volume, helping reduce its discount to the Bitcoin spot price to two-year lows. “That’s $2.5b (top 1% among ETFs) into two less desirable methods (vs spot) for exposure = while we think spot ETFs unlikely to set records on DAY ONE, clearly there’s an audience,” the X post concluded.

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Bitcoin Magazine

26 Nov 2023 16:35

💰 Bitcoin Realized Cap Indicates Fresh Capital Inflows: CryptoQuant

Bitcoin’s realized cap is growing at its fastest pace this year as new capital continues to flow into the market. The realized capitalization for bitcoin has recently witnessed significant growth and increment, indicating an improvement in the liquidity conditions of the leading digital asset. According to a report by on-chain market analytics platform CryptoQuant, bitcoin’s growing realized cap and the rising stablecoin market cap are evidence of the influx of new capital into the crypto market.

The realized cap is a metric that helps estimate bitcoin’s (BTC) economic weight or actual value by considering the last price at which each asset was last moved or transacted. CryptoQuant found that bitcoin’s realized cap is growing at its fastest pace this year as new capital continues to flow into the market. The metric just turned positive for the first time since October 2022, influencing BTC’s market cap as it has over time. The rising liquidity is evident in BTC’s short-term uptrend, as the asset keeps trading above the cost basis of short-term holders. The crypto analytics platform spotted other bullish signs, like approximately 70% of BTC’s supply staying inactive for over a year. Analysts said the findings show a majority of investors have a holding mentality.

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Bitcoin Magazine

24 Nov 2023 08:07

💰 Bitcoin Supply Inactive for a Year Hits Record High of 70%

The percentage of Bitcoin's (BTC) circulating supply that was last active on-chain at least a year ago has reached a record high of 70.35%, surpassing the previous peak of 69.35% in July, according to data tracked by blockchain analytics firm Glassnode. The new lifetime high reflects "a strong belief from bitcoin's holder base in the wake of crypto-wide contagion and macro headwinds after its all-time highs in 2021," according to Reflexivity Research.

The percentage of supply that has not moved on-chain in two, three, and five years is also at their respective lifetime highs. It shows long-term investors are in no mood to sell even after bitcoin has more than doubled to $37,000 this year. "While higher prices will ultimately incentivize new sellers, with Bitcoin up over 100% in the same time period, it appears Bitcoin holders are not planning on offloading inventory at these price levels or any time soon," Reflexivity Research said in a note to clients. These metrics, however, may not paint an accurate picture once the financialization of bitcoin through alternative investment vehicles like spot-based exchange-traded funds (ETFs) and cash-settled futures gathers pace.

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Bitcoin Magazine

22 Nov 2023 12:32

💰 Argentina's Bitcoin-friendly president-elect wants to shut down Central Bank

Javier Milei, Argentina’s Bitcoin (BTC) friendly presidential candidate, won the country’s run-off election on Sunday after securing more than 55% of the votes cast over his opponent Sergio Massa. According to data provided by Bloomberg, with almost 99% of the votes counted, Milei won 55.7% of the votes, giving him a nearly 3-million-vote lead. He will officially take office on Dec. 10. "We have to understand that the central bank is a scam," said Milei when asked about Bitcoin. "What Bitcoin is representing is the return of money to its original creator, the private sector."

Milei’s victory is notable in that he is an outspoken critic of the central banking system and holds a positive view of Bitcoin as a way to return monetary power to the people. "We have to understand that the central bank is a scam," said Milei when asked about Bitcoin. "What Bitcoin is representing is the return of money to its original creator, the private sector." Argentina has had a long-lasting battle with inflation, which has become a divisive issue in the South American country as the older generations who benefit from the current system want to continue with the socialist approach while the younger generation is ready to try something different.

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Bitcoin Magazine

20 Nov 2023 13:44

🇺🇸 US Presidential Candidate Vows to Protect Bitcoin From Government Interference

U.S. presidential candidate Vivek Ramaswamy says the government is “threatened by the existence of Bitcoin,” emphasizing that if the cryptocurrency becomes more popular, it would create “a threat to the incumbent status of the U.S. Federal Reserve itself.” He promised to ensure the government is “staying the heck out of the business of those who are innovating” if he’s elected president.

“My view is I’m against corporatism which is the merger of state power and private power to together coordinate and do what can’t be done,” he detailed. “I, instead, have a different vision, which is the government should get the hell out of the hair of Bitcoiners.” He emphasized: “It’s not how do we integrate. It’s how do you actually realize the initial promise of being an alternative Wild West that’s a true frontier for pioneers and explorers without being constrained.”. He warned: “That’s just the excuse they are using. Part of this is they want to create a surveillance state … to be able to monitor how you are using your energy. If they can monitor that, they can monitor anything.”

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Bitcoin Magazine

19 Nov 2023 09:39

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Bitcoin Magazine

17 Nov 2023 09:46

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Bitcoin Magazine

14 Nov 2023 23:21

🪙 Hackers claim to have compromised bankrupt Bitcoin ATM firm Coin Cloud: Report

An unidentified hacking group claims to have stolen 70,000 customer selfies and sensitive personal information for 300,000 customers of Coin Cloud, a Bitcoin ATM firm which operated over 4,000 machines in the U.S. and Brazil until its bankruptcy filing this February. The hacking group also claims to have stolen the source code to Coin Cloud's backend system, according to a post on X from cybersecurity expert vx-underground.

The post includes redacted images, purportedly depicting the customer selfies and personal identifying information the group has accessed, which includes the Social Security numbers of customers along with their name, address, date of birth, occupation, phone number, and more, according to the report. Vx-underground told The Block that the unidentified hacker was sharing the claims in private channels and that the leaked database may be posted online soon. Coin Cloud could not immediately be reached for comment. Coin Cloud filed for bankruptcy in February following "business difficulties and legal problems" resulted in losses of $40 million over the first nine months of 2022, its former CEO told the Wall Street Journal.

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Bitcoin Magazine

13 Nov 2023 08:00

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Bitcoin Magazine

11 Nov 2023 12:22

💰 Michael Saylor’s Massive Bitcoin Bet Crosses $1B in Unrealized Profit

The surging price of bitcoin (BTC) has pushed the asset’s largest public holder, business software company MicroStrategy (MSTR), to unrealized gains of over $1.1 billion, 25% more than their cumulative investment. Bitcoin holdings at the company founded by Executive Chairman Michael Saylor, who often tweets his support for the largest cryptocurrency, reached $5.7 billion late on Thursday as the price crossed $37,000 for the first time since May 2022. The company holds over 158,000 bitcoins.

The company holds over 158,000 bitcoins, a position it acquired over a three-year period by investing company funds and proceeds from bond sales. The value of the holdings is now equal to over 80% of MicroStrategy’s $7.1 billion stock market capitalization. The cost for these holdings is a cumulative $4.6 billion, data from Bitcoin Treasuries show. That's more than 10 times larger than the next biggest institutional holder, bitcoin miner Marathon Digital, which has 13,000 bitcoins worth $500 million at current prices. MicroStrategy’s most recent publicly known purchases came in the weeks ahead of Sept. 24, when it added 5,445 bitcoins for just under $150 million, or an average price of $27,053 each.

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Bitcoin Magazine

09 Nov 2023 20:39

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Bitcoin Magazine

08 Nov 2023 14:13

💰 Robert Kiyosaki Breaks Down Rich Dad's First Lesson — Says Bitcoin Provides 'Lifelong Financial Security and Freedom'

The author of Rich Dad Poor Dad, Robert Kiyosaki, explained the core concept of Rich Dad’s first lesson in a post on social media platform X on Thursday. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

“Rich Dad’s Lesson #1 ‘The rich don’t work for $,'” Kiyosaki began. “Why? Because our wealth is designed to be stolen from our fake money via taxes and inflation and the stock market.” He elaborated: “Instead, the rich work for assets that put tax-free money in their pocket, cash flow assets, such as rental properties, oil, food production.” Kiyosaki also explained why the poor and middle class get poorer. He described: “The poor and middle class want jobs that promise a steady paycheck but offer no job security. Even worse, the poor and middle class work at jobs that pay taxable fake $ income.” He added: “And then they save fake $, then invest in stocks, bonds, mutual funds, and ETFs [exchange-traded funds] which are crashing as I write this text.”

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Bitcoin Magazine

05 Nov 2023 18:29

💰 Bitcoin rally mostly driven by macroeconomic factors rather than ETF narrative, QCP says

Bitcoin's recent rally is primarily being propelled by macroeconomic factors, such as U.S. Treasury supply estimates and the anticipation that the Federal Reserve will conclude its monetary tightening campaign, rather than by expectations about the possible approval of a spot bitcoin ETF, QCP said in its latest Market Update report. QCP analysts were bullish on the digital asset, maintaining that only fresh regulatory pressure could take the bitcoin price back below $32,000.

CoinShares Research analyst Max Shannon sees most of bitcoin's recent move upward as being driven by weaker-than-expected U.S. payroll data "This data suggests weakening economic conditions, of which investors think bitcoin acts as a hedge against," he told The Block. Shannon concurred with some of the analysis from the QCP report and stated that the Fed's recent rate pause and less hawkish tone are suggestive of a rate peak, and possible end of the tightening cycle. However, according to Ryze Labs Managing Partner Matthew Graham, the current rally is still primarily driven by anticipation that a spot ETF approval could be on the horizon. He underscored that "several TradFi companies have supported this view."

Source

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Bitcoin Magazine

02 Nov 2023 17:51

💰 Big market makers are in talks with BlackRock to provide liquidity for its proposed spot bitcoin ETF: CoinDesk

Big trading firms are in talks to provide liquidity for BlackRock's proposed spot bitcoin exchange-traded fund if it obtains regulatory approval, according to reporting from CoinDesk. Jane Street, Virtu Financial, Jump Trading and Hudson River Trading have reportedly been in talks with BlackRock about a market-making role to provide that liquidity, according to a BlackRock slide deck reviewed by someone familiar with the matter, according to CoinDesk.

Market makers are necessary for ETFs in providing liquidity, matching buyers and sellers, and aiding in creating and redeeming those ETF shares. BlackRock and Jane Street declined to comment. Virtu Financial, Jump Trading and Hudson River Trading did not immediately respond to a request for comment. Virtu and Jane Street wrote in support of a separate proposal for a spot bitcoin ETF this past summer. "The bitcoin ecosystem is sufficiently robust to support a US-listed ETP," Jane Street wrote in a comment letter on Grayscale's proposal for its product. Bitcoin's value swiftly rose over the last few weeks following speculation around BlackRock's highly anticipated spot bitcoin ETF, which is still under review by the SEC.

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Bitcoin Magazine

31 Oct 2023 07:55

💰 Bitcoin Shows No Signs of Overheating, Despite Doubling This Year: Analysis

Bitcoin (BTC), the leading cryptocurrency by market value, has doubled this year to over $34,000. Still, the market shows no signs of overheating, a positive sign for traders anticipating unabated gains, according to blockchain analytics firm IntoTheBlock. The firm’s view is based on an on-chain indicator called the market value to realized value (MVRV) ratio, which measures the spread between bitcoin’s market capitalization and realized capitalization. The ratio currently stands at 170% or significantly lower than the 300% threshold, historically marking major market tops.

"The bitcoin market value to realized value (MVRV) ratio shows that despite reaching yearly highs, bitcoin is not as overheated yet as during previous bull markets," blockchain analytics firm IntoTheBlock said in the weekly newsletter. “Historically, bitcoin bull markets have peaked around 300%+ MVRV, which, in comparison to the current 150% value, suggests the bull market has room to run further,” IntoTheBlock added. Market capitalization refers to the total dollar value of the supply in circulation, as calculated by the daily average price across major exchanges. The realized value, considered a relatively better gauge of fair value, approximates the value paid for all existing coins by adding the market value of coins when they change hands through an on-chain transaction.

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Bitcoin Magazine

29 Oct 2023 19:27

💰 SEC Considering 8-10 Spot Bitcoin ETF Applications, Says Chair Gary Gensler

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said Thursday that the regulator has eight to 10 spot bitcoin exchange-traded fund (ETF) applications under review. The SEC has not yet approved a spot bitcoin ETF, even though the agency has greenlighted several ETFs linked to bitcoin futures contracts. Gensler did not specify the eight to 10 spot bitcoin ETF applications the SEC is reviewing. However, based on public records, there are 12 spot bitcoin ETF applications pending review at the SEC.

Other applicants include Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. The securities regulator has delayed all decisions on spot Bitcoin ETFs. Eight applications have the latest possible review dates in the first quarter of next year, and three have the latest review dates in the second quarter. The price of bitcoin soared earlier this week on speculation that Blackrock, the world’s largest asset manager, is close to launching its bitcoin ETF. Moreover, the U.S. Court of Appeals for the D.C. Circuit ordered the SEC earlier this week to reconsider Grayscale Investments’ spot bitcoin ETF application. Some analysts, including those at JPMorgan, are expecting the SEC to approve multiple spot bitcoin ETFs at once.

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